Axecap Investments LLC Buys 2,999 Shares of Targa Resources, Inc. $TRGP

Axecap Investments LLC grew its stake in Targa Resources, Inc. (NYSE:TRGP) by 17.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,086 shares of the pipeline company’s stock after purchasing an additional 2,999 shares during the period. Targa Resources makes up about 3.3% of Axecap Investments LLC’s holdings, making the stock its 6th largest holding. Axecap Investments LLC’s holdings in Targa Resources were worth $5,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in TRGP. Bank of America Corp DE acquired a new position in Targa Resources during the second quarter worth $734,846,000. Legal & General Group Plc acquired a new stake in shares of Targa Resources in the 2nd quarter worth $336,575,000. Canada Pension Plan Investment Board purchased a new position in shares of Targa Resources during the 2nd quarter worth $275,702,000. Hsbc Holdings PLC purchased a new position in shares of Targa Resources during the 2nd quarter worth $274,660,000. Finally, Kayne Anderson Capital Advisors LP purchased a new position in shares of Targa Resources during the 2nd quarter worth $260,337,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a report on Wednesday, September 2nd. TD Cowen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and raised their price objective for the stock from $275.00 to $350.00 in a research report on Friday, September 18th. Erste Group Bank started coverage on shares of Targa Resources in a research note on Thursday, June 25th. They set a “buy” rating on the stock. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $315.00 to $351.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Finally, UBS Group reissued a “buy” rating and issued a $318.00 price target (up from $305.00) on shares of Targa Resources in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus target price of $318.00.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $292.88 on Wednesday. The firm has a market cap of $62.80 billion, a PE ratio of 27.99, a price-to-earnings-growth ratio of 1.21 and a beta of 0.80. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 52 week low of $149.21 and a 52 week high of $307.94. The business’s fifty day simple moving average is $287.33 and its 200-day simple moving average is $270.78.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Equities analysts forecast that Targa Resources, Inc. will post 11.38 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 30th. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Insiders Place Their Bets

In other Targa Resources news, Director S Davis sold 2,400 shares of Targa Resources stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Chung sold 1,816 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares in the company, valued at $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 7,216 shares of company stock valued at $2,127,634 over the last 90 days. 1.37% of the stock is owned by company insiders.

About Targa Resources

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.